Do you have a clear vision of what your retirement lifestyle will look like? Whether you want to travel the world, pursue your passions, or spend more time with your family and friends, retirement can be a rewarding and fulfilling phase of your life. However, it also requires careful planning and management of your finances to ensure that you can afford to live the way you want.
That's where we can help. As financial advisers, we can assist you with setting realistic and achievable retirement goals, creating a tailored retirement plan that suits your needs and preferences, and reviewing and adjusting your plan as your circumstances change. We can also provide you with expert advice on how to maximise your superannuation, minimise your tax, and optimise your cash flow and investments. Our aim is to help you achieve financial security and peace of mind, so you can enjoy your retirement without worrying about money.
The top five issues people face when retiring and how financial advice can help are:
Retirement is a major life decision that involves many financial and personal considerations. We can help you answer the questions that can help you plan and prepare for your retirement.
Retirement is the stage of life when you stop working for income and rely on your savings, investments, and government benefits to support your living expenses. Retirement can be voluntary or involuntary, depending on your health, financial situation, and personal preferences. Retirement can also be partial or full, depending on whether you continue to work part-time or casually, or stop working altogether. Retirement is a personal choice that requires careful planning and preparation to ensure you have enough income and resources to enjoy your desired lifestyle.
The amount of superannuation you need to retire on $80,000 a year depends on several factors, such as your age, life expectancy, investment returns, and lifestyle choices. However, a general rule of thumb is to multiply your desired annual income by 25 to get an estimate of the lump sum you need. For example, if you want to retire on $80,000 a year, you will need $80,000 x 25 = $2 million in superannuation. This assumes that you will draw down your super over 25 years and receive a 5% annual return on your investments.
The amount of superannuation you need to retire on $60,000 a year depends on several factors, such as your age, life expectancy, investment returns, and lifestyle choices. However, a general rule of thumb is to multiply your desired annual income by 25 to get an estimate of the lump sum you need. For example, if you want to retire on $60,000 a year, you will need $60,000 x 25 = $1.5 million in superannuation. This assumes that you will draw down your super over 25 years and receive a 5% annual return on your investments.
The duration of $1 million in retirement depends on how much you spend, how much you earn, and how long you live. For example, if you spend $60,000 a year, earn a 5% annual return on your investments, and live for 25 years, your $1 million will last until you are 85 years old. However, if you spend $80,000 a year, earn a 3% annual return, and live for 30 years, your $1 million will run out when you are 76 years old. You can use online calculators or consult a financial planner to estimate how long your money will last be based on your personal circumstances.
Everyone is different and I believe it's best to start with what you're currently spending. First, subtract any expenses you'll no longer incur when your retired; don't need to park at work anymore; good-bye monthly donations for colleague birthday's you don't even see; maybe you'll only need to fill up your fuel once every couple of weeks now you're not driving to work every day.Next, you'll need to add in the additional things you're wanting to do with your extra time, things like regular holidays you intend to take, maybe you've got a new hobby you'd like to start or maybe you can finally start working on getting that handicap down. Whatever it is think about how your spending may change, it's not uncommon for your spending to stay the same as you find ways to amuse yourself, sometimes expenses can go up!In saying that, there are some estimated amounts guided by the Australian retirement standards association, but I caution on using anything less than the comfortable retirement estimate. Especially in your early years of retirement, that's you chance to finally break free of the 9-5 and do all the things you've been dreaming.
The client faced several financial challenges, including high student loan debt, limited savings, and a lack of a clear financial plan. They needed guidance on how to manage their debt, build savings, and invest for the future.
Running a successful business requires not only dedication and hard work but also an astute understanding of financial management. An accountant can be a crucial ally in helping you navigate the complex world of business finances. These five key questions will ensure you are getting the most out of your business.
This article explores the various aspects of retirement, from redefining what it means to retire, to the importance of financial planning, and common misconceptions about the Age Pension. Practical tips on budgeting, investing, health, social connections, and adapting to unexpected challenges provide guidance for a secure and enjoyable retirement phase.
When you’re new to buying property, choosing a home loan can be overwhelming. There are dozens of different lenders out there all offering different types of mortgages. So, which is right for you? A mortgage broker can help you select the right home loan, based on your specific financial situation and goals. Here are some of the main options.
